We outline the differences between the two popular affordable housing schemes.
Could the Help to Buy Equity Loan scheme help you buy your first home?
Newbury Building Society supports this scheme, the aim of which is to enable buyers to purchase a home of their own at a price they can afford.
On this scheme the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
How we can help if you are looking at a mortgage scheme:
- We are experienced and knowledgable in affordable housing mortgages and mortgage schemes
- We partnered with West Berkshire Council to launch ‘First Step, Next Step’, a way of helping potential buyers raise the deposit required for a mortgage. (Open to people who live or work in West Berkshire.)
- We guarantee that you will always be able to speak to a person, not a computer.
We can also help if you are looking at a Help to Buy remortgage, in the following circumstances:
- Remortgage like-for-like - so you keep your current mortgage balance and existing goverment loan but just move the mortgage from your existing lender to Newbury Building Society.
- Remortgage and partially staircase - you increase your mortgage balance when moving the loan and use this to pay back some of your government loan.
- Remortgage and fully repay your government loan.
Appointments are available by video call, by phone or in branch. We have Saturday appointments available and can also offer same day appointments. See our making a mortgage appointment page for further details or click contact now.